Investors in high-yield securities expect 1995 to be a year of strong returns, according to a J.P. Morgan Securities Inc. survey of leading portfolio managers and advisers among Morgan clients.

The respondents manage more than $106 billion in assets.

More than half of them said they expect a total return of more than 8.1% this year, a sharp turnaround from the negative 3.85% average for high- yield funds in 1994.

The results reflect responses by 84 investors at mutual fund firms, insurance companies, pension fund advisers, and other institutions who are clients of J.P. Morgan Securities Inc.

Respondents identified four sectors of the high-yield market as likely to perform well in 1995:

*Companies that tend to prosper in the latter part of an economic recovery, such as forest products and chemicals.

*Sectors that are less sensitive to the economic cycle, including beverages, consumer products, food, health care, and supermarkets.

*Gaming issues, which are due for a rebound after a dismal performance in 1994.

*Cable television companies, which stand to benefit as they move into a new growth phase after dealing with two rate rollbacks.

Expected to underperform in 1995 are high-yield issues of airlines, apparel and textile companies, building material suppliers, financial firms, home builders, and steel makers. These groups are seen as vulnerable to higher interest rates.

Morgan said that the survey participants expect the federal funds rate to peak in 1995 at 6.54%, and that they see 10-year interest rates rising to 8.41% and 30-year rates to 8.50%.

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